Why HUB 24 (ASX:HUB) and these ASX shares are hitting new highs

Here’s why HUB24 Ltd (ASX:HUB) and these ASX shares are on form and scaling new heights right now…
The post Why HUB 24 (ASX:HUB) and these ASX shares are hitting new highs appeared first on Motley Fool Australia. –

ASX shares rise

The S&P/ASX 200 Index (ASX: XJO) may have finished the week on a sour note, but that didn’t stop a number of shares from pushing higher.

Some shares even managed to climb to 52-week highs or better. Here’s why these ASX shares have just reached these milestones:

GUD Holdings Limited (ASX: GUD)

The GUD share price climbed to a record high of $13.58 on Friday. Investors were buying the products company’s shares last week following the release of its first quarter update. GUD’s update revealed that it has experienced strong sales growth across both its Automotive and Water divisions so far in FY 2021. As a result, the company posted a 14% increase in first quarter group sales. This was despite the negative impact of government lockdown restrictions in Victoria and the Auckland region.

HUB24 Ltd (ASX: HUB)

The HUB24 share price surged to a new record high of $22.49 at the end of last week. Investors were buying the investment platform provider’s shares following the release of its first quarter update. That update revealed that HUB24’s strong form has continued in FY 2021, with record first quarter inflows of $1.36 billion. Together with positive market movements of $436 million, this increased the company’s Funds Under Administration to a massive $19 billion. This was an impressive 32% increase on the prior corresponding period.

OZ Minerals Limited (ASX: OZL)

The OZ Minerals share price hit a multi-year high of $15.08 on Friday. The catalyst for this has been a sustained rise in the copper price in 2020. It is currently up almost 17% over the last 12 months and recently hit a two-year high. This has been driven by Chinese economic data which appears to show that its economy is now entering a period of above-trend growth. This would be very good news for industrial metals demand.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Hub24 Ltd. The Motley Fool Australia has recommended Hub24 Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Why HUB 24 (ASX:HUB) and these ASX shares are hitting new highs appeared first on Motley Fool Australia.

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